Market News

By Nduka Chiejina, Abuja 

The Federal Government is targeting $2billion cash from the concession of the Badagry Deep Seaport and the Floating Dry Dock for NIMASA. The Infrastructure Concession Regulatory Commission (ICRC) has issued two Full Business Case Certificates of Compliance for the two new infrastructure projects.

The FBCs were presented to the Minister of Transportation, Rotimi Amaechi.

“We have the opportunity to present the Full Business Case (FBC) compliance certificate for the Badagry Deep Seaport and within the concession period it is going to generate over $2billion.

“For this project, the employment opportunity is over 5,000 direct and indirect jobs.

“The FBC for the Floating Dry Dock for NIMASA – is going to create over 800 jobs and will accrue over $65 million within the period of the concession,” he said.

Total revenue that will accrue to NIMASA for the 15 years concession period is $65,607,171 (N27,226,975,965).

ICRC chief said the Badagry Port aims to address current infrastructure challenges and provide shipping lines and supply chain managers with the best productivity, location, flexibility and cost effectiveness to power the global supply chains of Nigeria’s leading brands.

The state-of-the-art multi-purpose facility will offer customers superior uncongested hinterland connectivity and the deepest water in West Africa, thus creating a sustainable competitive advantage for Nigeria going forward.

When completed, the port will comprise Terminals (General cargo terminals, container terminals, RoRo and grain terminals, Offshore Supply Basis (OSB), Liquid Bulk jetties, Barge and Rail terminal, among others.

The Badagry Port will also among other things, increase Government  revenues, facilitate foreign investments in required modern port infrastructure and reduce congestion within Apapa and Tin Can Island ports.

For the Floating Dry Dock, the revenue stream of the project is derived from services provided to Vessels.